Shelton Capital Management | Real Investment Insights

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Oct 2026

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About the show

Shelton Capital Management (Shelton) is a boutique investment firm that helps investors pursue their financial goals through tailored investment solutions and human-centric customer service. Founded in 1985, the company provides mutual funds, ETFs, ETF-Based Portfolios, and separately managed accounts to the clients of wealth managers, retirement plans, and individual investors. As of January 31st, 2026, the firm manages more than $7 billion in assets across fixed income portfolios, U.S. equity and international equity strategies, ESG solutions, and equity income products leveraging our expertise in options. Over the decades, we’ve collected awards from established sources such as Morningstar, Lipper, Forbes Advisor, and Pension & Investments. The company continues to add key employee talent and expand their institutional expertise. Shelton is headquartered in Denver, Colorado with additional offices in San Francisco. For more information, visit www.sheltoncap.com

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17 recent

October 15, 202612 min

Under the Hood: Strong Growth, Higher Real Rates, and What It Means for Portfolios

- Despite underwhelming September job gains and temporary inflationary pressures from energy and transport, core demand remains well above its historical trend. - Driven by accelerating business surveys and strong real yields, the U.S. is positioning itself well ahead of international peers. Learn more here: https://www.etftrends.com/etf-strategist-content-hub/under-the-hood-strong-demand-higher-real-rates-and-what-it-means-for-portfolios/

October 5, 20265 min

New Information Leaves Clues on What is Driving 10-Year Treasury Yields Higher

The 10-year Treasury yield has climbed sharply over the past year, rising from roughly 4.0% last October to nearly 4.9% by mid-September 2026. The more interesting story, however, is not that yields increased but why. A Treasury bond’s nominal yield, the interest rate it pays each year based on its face value, is comprised of two components: the market’s inflation expectations and the real interest rate (i.e., nominal yield minus expected inflation). Over the past year, the market’s expected inflation rate has stayed remarkably range-bound, drifting between roughly 2.0% and 2.4% with no clear trend. Expected inflation dipped modestly in the winter before firming back toward 2.3% more recently. If rising yields were primarily an inflation story, market-based inflation expectations should have moved decisively higher, but they have not. To read the accompanying article, visit:https://www.etftrends.com/etf-strategist-content-hub/new-information-leaves-clues-on-what-is-driving-10-year-treasury-yields-higher/

September 21, 20269 min

Sept. Monthly Review & Outlook: Defying Headwinds, the US Economy Continues to Flex Its Resilience

Key Takeaways » Jobs market is stronger than expected: hirings beat forecasts as more people work or look for work and unemployment held steady at 4.1% while underemployment fell. All signs of a tightening labor market. » Business confidence climbed: global sentiment grew to a two-year high with the U.S. services sector showing persistent strength. » Headline GDP (+1.5% in the second quarter) continues to understate the underlying economic momentum. Real Final Sales to Private Domestic Purchasers, the cleaner read on core private demand, accelerated to +3.9%, up from +1.7% in the first quarter, according to initial estimates. » Late-July's Iran-driven volatility (the VIX Index rose +25% and oil jumped to $92/bbl) followed the same pattern we have seen repeatedly: a buying opportunity rather than a trend change, and markets have since staged a V-shaped recovery. » Income is a soft spot as real (inflation-adjusted) income has steadily declined for five straight months and disproportionately strains lower income households even as the employment numbers look strong. » Bottom Line: economic momentum can lead to strong corporate earnings and higher equity markets. To read the accompanying article, visit: https://www.sheltoncap.com/wp-content/uploads/2026/09/SAAS_Monthly_2026_09.pdf

September 14, 20266 min

How Concentration and Duration Risk Redefined the Benchmark

How Concentration and Duration Risk Redefined the Benchmark The indexes most investors use to track the markets don't look the way they did just five years ago. Many investors are aware that the major stock market index has become far more concentrated in a handful of companies than it has been in decades, but the bond market has also taken on more concentration and interest rate risk than many investors realize. Both shifts mean that index-based investing, in all of its forms, carries a different risk profile than it did just five years ago. The reasons why and their implications are important and it's worth understanding why active risk management may make more sense today than ever. To read the full article, visit: https://www.etftrends.com/etf-strategist-content-hub/how-concentration-and-duration-risk-redefined-the-benchmark/ To learn more about Shelton's Active Allocation Solutions, visit: https://advisor.sheltoncap.com/investment-solutions/separately-managed-accounts/active-allocation-solutions/

September 1, 20266 min

Today’s Interest Rates: Not the New Normal, Just Normal

Markets are largely reducing expectations for a near-term U.S. Federal Reserve (Fed) rate hike, and we agree. July’s weak jobs report, the underwhelming retail sales report, and continued softening of the monthly inflation figures give the Fed room to stay patient in the coming months. At the same time, our work suggests interest rates may remain higher than investors became accustomed to during the post-Global Financial Crisis era. For fixed-income investors, however, that does not have to be a negative. Higher starting yields can provide higher income potential, and a potentially stronger foundation for total returns than was available through much of the ultra-low-rate period. Read the full article: https://www.etftrends.com/etf-strategist-content-hub/todays-interest-rates-not-the-new-normal-just-normal/

August 24, 202611 min

August Monthly Review and Outlook

Beneath the Headlines: An Economy in Transition, Not in Trouble Key Takeaways » The July jobs report headline (-23,000 payrolls and a combined -103,000 in prior-month revisions) glanc-es over a more nuanced picture: layoffs remain his-torically low and job openings remain plentiful. This looks like a labor-supply problem, not a demand setback. Still, the situation bears watching closely. » All four dimensions of our Recession Tracker are pos-itive for the first time in months as real personal income turned positive year-over-year in June. The aggregate risk level remains Green | Low Risk. » Headline GDP (+1.5% in the second quarter) contin-ues to understate the underlying economic momen-tum. Real Final Sales to Private Domestic Purchas-ers, the cleaner read on core private demand, accel-erated to +3.9%, up from +1.7% in the first quarter, according to initial estimates. » Late-July's Iran-driven volatility (the VIX Index rose +25% and oil jumped to $92/bbl) followed the same pattern we have seen repeatedly: a buying oppor-tunity rather than a trend change, and markets have since staged a V-shaped recovery.

August 3, 20266 min

Two Timely Ways to Diversify Beyond Mega-Cap Tech Right Now

After years of a narrow group of technology and microchip stocks driving most of the market's gains, recent volatility is a reminder of what concentration risk feels like in practice. Semiconductor names have swung sharply in recent weeks, and the turbulence has spilled into the broader tech-heavy indexes that many portfolios now lean on heavily for returns. Investors that watched their allocations grow increasingly tied to this one sector of the market may want to rebalance and diversify into areas less correlated with tech's next move and position their portfolios for what's driving the broader economy.

July 19, 202614 min

July Monthly Review and Outlook

In this month’s market update, Gary Stringer, Senior Portfolio Manager at Shelton Capital Management, explains why the U.S. economy remains resilient despite geopolitical tensions, softer headline GDP growth, and continued market volatility. Private sector activity appears stronger than overall GDP suggests, supported by business investment, consumer spending, and government outlays. At the same time, a tight labor market, cooling inflation, and improving corporate earnings continue to support a cautiously optimistic outlook. While periods of volatility may continue, Shelton Active Allocation Solutions remains overweight equities, with an emphasis on U.S. markets, while favoring high-quality asset-backed and mortgage-backed securities within fixed income. To learn more, visit: https://advisor.sheltoncap.com/investment-solutions/separately-managed-accounts/active-allocation-solutions/

June 18, 20266 min

June Review & Outlook: Despite Uncertainties the U.S. Economy Powers On

In this month’s market update, Gary Stringer, Senior Portfolio Manager at Shelton Capital Management, discusses that despite ongoing conflict in the Middle East, the U.S. economy is showing signs of accelerating growth in the second quarter after a relatively soft start to the year. As often happens, stock market volatility is creating a lot of unease that masks the positive fundamentals. Legitimate concerns about stock market valuations are being stoked by unnerving headlines that ignore solid, and even improving, economic fundamentals. This can be a harsh reality in a mid-term election year, especially given the 24-hour news cycle, though we think that volatility creates opportunity for investors. Read on at https://www.etftrends.com/etf-strategist-content-hub/despite-uncertainties-the-u-s-economy-powers-on/

June 15, 20267 min

Fixed Income Markets in a Higher for Longer Environment

Interest rates remain one of the primary concerns for investors as Kevin Warsh has officially assumed leadership at the U.S. Federal Reserve (Fed). While we believe the possibility of a rate cut has diminished considerably, we are not yet expecting additional rate hikes. In our view, Warsh is likely to chair the board independently and pragmatically in an environment that would make it difficult to justify easing policy while inflation remains elevated. At the same time, we do not anticipate an aggressive tightening stance. Instead, the new Fed Chair may adopt a patient, “wait and see” approach as he evaluates incoming economic data and evolving market conditions. Read the full update: https://www.etftrends.com/etf-strategist-content-hub/fixed-income-markets-in-a-higher-for-longer-environment/

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